Hongkong Land, Dairy Farm International Holdings and Mandarin Oriental and chairman of the China-Britain Business Council. Government and politics In 2002, he joined HM Treasury, becoming managing director of finance, regulation and industry, and served until 2006. Sassoon then became the chancellor's representative for promotion of the city. In 2007, he was named president of the Financial Action Task Force on Money Laundering, also responsible for combating terrorism financing. He continued in both roles until 2008. Sassoon received a knighthood in the 2008 New Year Honours. At that time, he began advising David Cameron, then the Leader of the Opposition, and George Osborne, then the Shadow Chancellor of the Exchequer, and became a member of the Shadow Cabinet's Economic Recovery Committee. In 2009, he wrote The Tripartite Review, a review of the adequacy of the UK's three financial regulators (the Financial Services Authority, HM Treasury and the Bank of England), especially as regards financial stability. In May 2010, he was named Commercial Secretary to the Treasury, a minister whose portfolio includes financial services and business. In consequence, it was announced he would be made a life peer, and on 3 June 2010 he was introduced in the House of Lords as Baron Sassoon, of Ashley Park in the County of Surrey. In the 2012 Cabinet reshuffle it was announced he would be replaced by Lord Deighton in January 2013 as Commercial Secretary to the Treasury and in line with Sassoon's desire to return to the private sector. In November 2017, he was mentioned in the Paradise Papers as one of the beneficiaries of a tax exempt Cayman Island trust fund worth $236 million in 2007, and defended its assets as being of non-UK origin contributed only by his grandmother, who had died more than 40 years prior. Personal life In 1981, Sassoon married Sarah Barnes, daughter of the former ambassador to Israel and the Netherlands, Sir Ernest John Ward Barnes and Lady Cynthia Barnes of Hurstpierpoint. They have a son and two daughters. Arms References Who's Who 2011 External links 1955 births Living people Alumni of Christ Church, Oxford British businesspeople British Jews Conservative Party (UK) life peers Knights Bachelor People educated at Eton College People educated at Sunningdale School James Jewish British politicians People named in the Paradise Papers British people of Indian-Jewish descent Baghdadi Jews British politicians of Indian descent British businesspeople of Indian descent Life peers created